Pinnacle Books Show Evidence
That It Raised Over $60 Million

By

Zachary M. Seward

Updated Oct. 13, 2006 12:01 a.m. ET

A court-appointed receiver examining the books of Pinnacle Development Partners LLC has found evidence that the shuttered real-estate investment firm raised more than $60 million in the past year, higher than initial indications, a person familiar with the matter said.

Earlier, in a complaint filed on Wednesday, the Securities and Exchange Commission accused Pinnacle of operating a Ponzi scheme, and said the firm had raised "at least $30 million" from more than 2,000 investors in 33 states. The U.S. District...